Moving up
Moving up to a bigger home around Cincinnati
The starter home is full. Moving up means selling one house and buying another, and the hard part is the timing. Here is how I line the two up so you are not paying for both.
By Rhonda Everitt, REALTOR® with Comey & Shepherd Realtors.
Updated .
Do I sell first or buy first?
Most of my move-up clients sell first or close both in the same week. Selling first tells you exactly what you can spend and avoids two mortgages, but you may need a short rental or a stay with family. Buying first makes moving day easier, but you carry both homes until the first one sells. Ask your lender what each path costs you before you choose.
Can I make an offer that depends on selling my house?
Yes. It is called a contingent offer, and it works best when the market gives buyers room. Sellers often prefer a buyer who does not need to sell first, so a contingent offer may need a stronger price or a house that is already listed or under contract. I compare the two approaches in Contingent vs. non-contingent offers.
How much more house can I afford?
Start with your equity and a lender's pre-approval, then decide what monthly payment you are comfortable with, which may be less than the maximum. Keep a cushion for the things a bigger house needs right away: furniture, window treatments, a fence, the first surprise repair. My post on down payment vs. cash reserves walks through the trade-off.
Where does my budget buy more room?
It depends on what you are willing to drive and what you need nearby. This summer the median sale was about $334,000 in Lebanon and $385,000 in Springboro, compared with about $445,000 in Mason and $556,000 in Blue Ash. Moving your search 15 or 20 minutes can change the size of house, the lot and the amenities you get. Compare the areas I cover.
New construction or an existing home?
Compare finished house to finished house. A builder's starting price rarely includes the lot premium, upgrades, landscaping, window treatments or a finished basement. An existing home may already have them, plus mature trees and an established neighborhood. Neither is always better; read New construction vs. resale, and bring your own agent to the builder's first visit.
How do I get my current house ready while we live in it?
Pack early, clear the counters and closets, and plan showings around your schedule. Buyers need to see space, and a half-packed house shows better than a full one. I will give you a short list of what matters most for your house, and nothing that does not pay for itself. See my selling guide for the rest.